What is a firm's net income?
A)the difference between the sales and other income generated by the firm,and all costs,taxes,and expenses incurred by the firm in a given period
B)the last or "bottom" line of the income statement
C)a measure of the firm's profitability over a given period
D)all of the above

Question

Quizplus · Accepted Answer

Net income is the difference between the sales and other income generated by the firm,and all costs, taxes, and expenses incurred by the firm in a given period. It is the last or "bottom" line of the Income statement and a measure of the firm's profitability over a given period. Therefore, all the options (A), (B), and (C) are correct, making (D) the best choice.

What Is a Firm's Net Income